Luxembourg: Tax Authorities issues circular on updated loss carry-forward rules
On 10 August 2021, the Luxembourg Tax Authorities has published Circular No. 31, which clarifies the application of the loss carry-forward under the municipal business tax. Losses incurred with effect from 1 January 2017 are available for
See MoreTaiwan announces the amendments to the tax treaty rules and PE rules
On 12 August 2021, Taiwan’s Ministry of Finance has announced the amendments to the “Regulations Governing Application of Agreements for the Avoidance of Double Taxation with Respect to Taxes on Income”. The amended regulations have come into
See MoreJordan deposits ratification instrument for the convention on mutual administrative assistance in tax matters
On 11 August 2021, Jordan has deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters. The Convention will enter into force for Jordan on 1 December 2021 and will generally apply
See MoreIsrael approves three-tiered TP documentation requirements
On 5 July 2021, the Israeli Ministry of Finance announced the approval of proposed amendment to the Transfer Pricing (TP) provisions of the Israeli Income Tax Ordinance (ITO). The amendment proposal introduces the three-tiered TP documentation
See MoreIMF: Focus on the Informal Economy
On 28 July 2021 the IMF published a country focus setting out facts on the informal economy. Activities with market value that are not formally registered The informal economy includes various activities such as minibus drivers, market stands
See MoreUK: Annual capital gains tax statistics
On 5 August 2021 the UK released the latest annual statistics for capital gains tax (CGT). The statistics are based on self-assessment tax returns that report a CGT liability. In the 2019/20 tax year, the total UK CGT liability was GBP 9.9
See MoreWorld Tax Brief: August 2021
ArgentinaE -filing: On 22 July 2021, the Federal Finance Administration (AFIP) officially published a resolution announcing that online payment service providers will have to comply with a new information regime for electronic payment processing
See MoreColombia introduces new tax incentives for the maritime sector
On 4 August 2021, Colombia has issued Law 2133, which is aimed at creating incentives in the development of naval activities in Colombia that keep the maritime economy of the country related. The income from the international maritime transport
See MoreDenmark: Government publishes a Bill to amend Tax Control and Assessment Act
On 23 June 2021, the Ministry of Taxation proposed a draft Bill to amend the Tax Control Act and the Tax Assessment Act (Competence for approval of the information form, etc., adjustment of the disclosure deadline for legal entities, accounting in
See MoreTransfer Pricing Brief: August 2021
AustraliaLocal file-General rule: The Australian Taxation Office (ATO) has provided 31 December 2020 early balancing entities additional time until 30 August 2021 to lodge Part A of their 2021 local file if they indicate in their tax return they
See MorePoland: Government announces draft legislation on tax reforms
On 26 July 2021, the Government of Poland has announced a draft legislation concerning following tax reform related to corporate taxation. New definition of the place of effective business management aimed at limiting situations in which Polish
See MoreBolivia: National Tax Service extends due date of financial reports and other reports
On 27 July 2021, the National Tax Service declared the issuance of Resolution No. 102100000009 of 27 July 2021. According to the Resolution, the paper filing or electronically filing of financial statements and other reports is extended until 31
See MoreQatar introduces e-filing of withholding tax declarations
On 4 August 2021, the General Tax Authority (GTA) of Qatar published Circular No. 5 of 2021 reminding all taxpayers that they are required to submit their monthly withholding tax returns through online on the Dhareeba portal. Furthermore, the GTA
See MorePoland: Draft bill on DST presents in Parliament
On 7 July 2021, a draft bill on digital services tax (DST) was submitted to Poland's lower chamber of parliament (the Sejm). The bill includes a proposal of 7% tax on digital sector enterprises, regardless of their place of establishment, with a
See MoreLuxembourg issues circular on administrative fines and penalties
On 28 July 2021, the Luxembourg Tax Authorities has issued Circular No. 67 to set administrative fines and penalties in cases of tax fraud, criminal fraud, and the cooperation between the tax administration and the judicial authorities. The
See MoreKorea: MOEF proposes Tax Revision Bill 2021
On 26 July 2021, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed Tax Revision Bill 2021 to support new industries and employment, as well as inclusive growth. The Tax Revision Bill 2021 includes the
See MoreUK: Consultation on Reporting Rules for Digital Platforms
On 30 July 2021 the UK government launched a consultation on how to implement of the OECD Model Reporting Rules for Digital Platforms, under which digital platforms will be required to report information on the income of sellers on their platform.
See MoreBotswana enacts budget for 2021/22
On 30 June 2021, the Minister of Finance and Economic Development published a press release announcing the implementation of the budget for 2021/22. The most important measures are: -The general withholding tax rate increased from 7.5% to 10% on
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